BetMGM CEO Criticizes CFTC’s Casino Rule Changes
- BetMGM reported Q3 net revenue of $710 million, a growth of 7% from the previous year.
- Adjusted EBITDA for BetMGM increased by 112% to $86 million, despite a decline in average monthly active players by 3%.
- Greenblatt expects the Supreme Court to rule on prediction markets during its term in the years 2026-27, favoring states and tribes.
- Sports trading on prediction markets surged with volume rising approximately 72% to $68.2 billion over a month ending September.
- The Sixth Circuit court ruled that Ohio and Tennessee can enforce their gambling laws against Kalshi as of September.
BetMGM’s financial performance showed significant growth despite challenges in the online sports betting market, which is facing intense competition from unregulated operators. The legal landscape for prediction markets remains uncertain, with key decisions expected from the Supreme Court in future terms.
The company’s strategic shift towards iGaming contributed significantly to its revenue, highlighting the ongoing transformation within the gambling industry amidst regulatory changes and legal battles over prediction markets (Source).
